Progrex Ventures Ltd Directors Report

The Members of Progressive Extractions & Exports Limited

Your directors present herewith the 43^rd Annual Report together with the Audited Statement of Accounts of the Company for the year ended 31^st March, 2024.

		(Rs. In Lakhs)
FINANCIAL RESULTS	2023-24	2022-23
Total Income	1.48	1.43
Total Expenditure	11.98	12.09
Profit / (Loss) before Depreciation	(10.50)	(10.66)
Less: Depreciation	0.16	0.16
Net profit before Tax	(10.66)	(10.82)
Less: Provision for Tax	0.00	0.00
Net Profit	(10.66)	(10.82)
Profit / (Loss) brought forward from previous year	(160.76)	(149.94)
Balance carried to Balance Sheet	(171.42)	(160.76)

OPERATIONS:

During the year under review the operations of the company have remained suspended. The Company has parted with plant and machineries and other fixed assets. The Company is committed to continue its activities with the help of its marketing department and is working hard to create marketing to resumes its trading activities.

Change in Nature of Business:

During the year there was no change in business activity of the company.

Changes in Share Capital:

During the Financial Year 2023-2024 there is no change in share capital of the Company.

Revision of Annual Financial Statement:

There was no case of revision in financial statement during the year.

OPPORTUNITIES AND RISKS:

Company is in the business of job work operations of solvent extraction and oil refining and trading of refined oil. Though during the year under review operations of company are suspended, the Company is hopeful to revive its operations and efforts are being made in this regard.

FINANCE:

The Company has not obtained any financial assistance from Banks and other financial institutions during year under review .

PARTICULARS OF CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:

The contract/arrangements entered into with the related parties for the year under review were in ordinary course of business and on arms length basis but exceeds the limits specified under Section 188 (1) of the Companies Act, 2013, hence Form AOC -2 is not applicable.

AMOUNT TRANSFER TO RESERVE:

During the year under review, your Company has not transferred any sum to General Reserve.

DIVIDEND:

Since the company has suspended its operations your directors do no recommend any dividend for the year under review.

Foreign Exchange Earnings and Outgo:

There was no Foreign Exchange earnings and outgo during the financial year as required by the Companies (Accounts) Rules, 2014.

DEPOSITS

During the year the Company has not accepted any deposits, within the meaning of Section 73 of the Companies Act, 2013, read with the Companies (Acceptance of Deposits) Rules, 2014..

DEMATERIALIASATION:

M/S Link Intime India Pvt. Ltd., Mumbai is RTA of the Company for providing better electronic share trading facility by our share holders. The equity shares of your Company are being compulsorily traded in dematerialization form. The ISIN No. is INE421E01012. Nearly 92 % of the equity shares have been dematerialised form.

DIRECTORS:

During the Financial year under review, Mr Avaneesh Sabharwal, and MS. Shruti Dange directors retire by rotation who offers themselves for reappointment.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 134(5) of the Companies Act, 2013, (‘the Act) your Directors confirm that:

a) in the preparation of the annual accounts for the financial year ended March 31, 2023, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any.

b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of financial year and of the profit of the Company for that period;

c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

d) the directors had prepared the annual accounts on a going concern basis;

e) being a non listed company, this clause relating to internal financial control is not applicable to the Company

f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

PARTICULARS OF EMPLOYEES:

None of the employee of the company is drawing more than Rs.60,00,000/- per annum or Rs.5,00,000/- per month for the part of the year, during the year under review therefore Particulars of the employees as required under Section 197 of the Companies Act, 2013 read with rule 5 (2) & rule 5 (3) of the Companies (Appointment and Remuneration) Rules, 2014 are not applicable, during the year under review..

CORPORATE GOVERNANCE:

As per clause of the Listing Agreement with Stock Exchange, a separate section on Corporate Governance together with a certificate from Companys Auditors confirming Compliance is set out in the Annexure forming part of this report.

PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

16.1 Conservation of Energy:

16.2 The steps taken or impact on conservation of energy:-

The company is putting continues efforts to reduce the consumption of energy and maximum possible saving of energy.

a. The steps taken by the company for utilizing alternate sources of energy:-

The Company has used alternate source of energy, whenever and to the extent possible b. The capital investment on energy conservation equipments:- NIL 16.3 Technology Absorption: a. The effort made towards technology absorption:- No specific activities have been done by the Company.

b. The benefits derived like product improvement, cost reduction, product development or import substitution:- No specific activity has been done by the Company

c. In case of imported technology (imported during the last three years reckoned from the beginning of the financial year:- NA d. The expenditure incurred on Research & Development:- NIL 16.4 Foreign Exchange Earnings and Outgo: There was no Foreign Exchange earnings and outgo during the financial year as required by the Companies (Accounts) Rules, 2014.

STATUTORY AUDIT AND AUDITORS REPORT:

M/S Jain Dhureja & Company (Membership No.128861) being eligible offers them for re-appointment. Members will be required to appoint Auditors for the current year till the conclusion of next Annual General Meeting of the company at remuneration to be fixed by the Board of Directors of the company.

Comments on Auditors Report

The Auditors in their report have referred to the notes forming part of the Accounts which are self-explanatory and do not require any further explanation.

COST RECORD AND/OR COST AUDIT:

Your company does not falls within the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Cost records & Audit) Rules, 2014, therefore no such records required to be maintained.

SECRETARIAL AUDIT REPORT:

The company fall under the criteria prescribed under Section 204 of the Companies Act, 2013 read with Rule 2014 of the Companies Rules, 2014, hence the Company has appointed Abhishek Modi & co., Practicing Company Secretary CP No. 14349 Membership No. 10687 to undertake the Secretarial Audit for the financial year 2023-24 .

ACKNOWLEDGEMENT:

Your directors wish to place on record their appreciation for the support and cooperation, which the Company continues to receive from its customers, various Govt. Agencies, the Companys Bankers and employees. The Directors also wish to place on record their appreciation for the sense of responsibility and team work displayed by employee at all levels.

	For and on behalf of the Board of Directors
Place: Bhopal	s/d
Date: 2nd September, 2024	Directo1